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BONDS: Bunds & Gilts Testing Session Lows

BONDS
BulletMarketsFixed Income Bullets

Early NY weakness in Tsys weighs on core global FI peers, with gilt futures briefly through this morning’s low (albeit sticking comfortably within Friday’s range) and Bunds testing lows in futures/Dec highs in yield at typing.

  • This is despite an extension of the London morning downtick in crude oil.
  • Tsys still the outperformer, while gilts widen ~1.5bp vs. Bunds on the day.
  • Intermediates lead the sell off on the U.S. & German curves, while gilts bear steepen.
  • Some fresh cross-market widening in EGBs, OATs now ~2.5bp wider vs. Bunds at ~81.5bp. The market still awaits details of the new French cabinet, with the Elysee already pointing to an announcement being made at some point today.
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Early NY weakness in Tsys weighs on core global FI peers, with gilt futures briefly through this morning’s low (albeit sticking comfortably within Friday’s range) and Bunds testing lows in futures/Dec highs in yield at typing.

  • This is despite an extension of the London morning downtick in crude oil.
  • Tsys still the outperformer, while gilts widen ~1.5bp vs. Bunds on the day.
  • Intermediates lead the sell off on the U.S. & German curves, while gilts bear steepen.
  • Some fresh cross-market widening in EGBs, OATs now ~2.5bp wider vs. Bunds at ~81.5bp. The market still awaits details of the new French cabinet, with the Elysee already pointing to an announcement being made at some point today.